New York officials announced they are doubling the number of cannabis dispensary licenses in the state from 150 to 300.
New York Doubles Adult-Use Cannabis Dispensary Licenses
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New York is doubling the number of adult-use cannabis dispensary licenses in the state from 150 to 300, according to a Spectrum News report. The state Office of Cannabis Management (OCM) has so far received about 900 dispensary licenses and has issued 66 provisional licenses.
The expansion comes amidst a lawsuit by a Michigan-based cannabis company that has delayed the awarding of licenses in Brooklyn, Central New York, the Finger Lakes, the Mid-Hudson Area, and Western New York.
In a statement, Tremaine Wright, chair of the Cannabis Control Board, said the license expansion will allow more entrepreneurs to “participate in the first wave of this industry, allowing them to capitalize on the growing demand for cannabis products.”
“As more businesses enter this market, the innovation and competition will increase, leading to better quality experiences for consumers.” — Wright, in a statement, via Spectrum News
Damian Fagon, chief equity officer of the OCM, said doubling the number of licenses “will help kickstart the growth of New York’s cannabis industry.”
“More stores means more locations for New York farmers to sell their harvests, more convenience for New York customers to make the right decisions and purchase safer and legal products, and twice as many opportunities for New Yorkers harmed by over-policing during cannabis prohibition,” he said.
According to the OCM website there are currently only four state-approved cannabis dispensaries in the state, including three in New York City and one in Binghamton which is in the state’s Southern Tier region.
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